Reverse Mortgages
Freedom and Independence for Seniors
A reverse mortgage allows seniors to live in their home as long as they choose. With a reverse mortgage, there are no monthly mortgage payments. In addition, a reverse mortgage can give seniors tax-free monthly payments, a credit line or a one-time cash payment.
To qualify for a reverse mortgage you must be at least 62 years old and own your own home or condominium. All existing mortgages and liens must be paid in full from the reverse mortgage. There are no income or credit score requirements and the title of your home remains in your name.
The proceeds from a reverse mortgage can be used for anything. The amount you will qualify for will depend on your age at the time you apply for the loan, the type of reverse mortgage you choose, the value of your home, the current interest rates, and the lending limits in your area.
The costs involved in getting a reverse mortgage are similar to those with a conventional mortgage. The standard costs include an appraisal, service set aside fee, title policy, mortgage insurance, and other normal closing costs. With a reverse mortgage, all of these costs except the appraisal and termite inspection can be financed as part of the mortgage.
Before applying for a reverse mortgage you need to meet with a reverse mortgage counselor. The counseling is a free service independent of any individual lender. The counselor's job is to educate you about reverse mortgages. It is very unethical if your counselor recommends a specific lender. If this ever occurs please report the offence.
Once you have completed your reverse mortgage counseling we will take your application, order your termite inspection and appraisal, and submit your loan. The underwriter will review your file and request any documents needed to close. Once the documents have been received and approved your loan will fund and record.
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